judgment?

[Graphic]

Hasn't happened yet, and hopefully it won't but I just wanted to know what would happen if I did get into this situation. I have a car that my parents paid for, yet it's titled in my name. Paid off, worth about 8-9k. If someone gets a judgment on me are they going to actually come seize the vehicle? Or do they sort of just put a lien on it or what? I'm confused when it comes to that. Sucks that I can't file bankruptcy because of the fact that my parents bought me a car that is decent to finish undergrad/law school in and wanted to just put it in my name for when I wanted to get rid of it later. IF we knew ahead of time would have put it in theirs.

Oh well. So hopefully if they did get a judgment they wouldn't just come get it =\. I Guess I could file bankruptcy..and pay the difference in equity, but I doubt my parents want to be out of another 8k. (not to sound too reliable on them, although i am lol..i've posted my situatoin in other threads before if u want to read on that)

thanks

Ryan

[sunshine08]

Gemerally, a lien is put on real property such as a home etc. Usually the bank, finance company will put a lien on it, so that you can't sell it without paying it off first.

Your parents could put a lien on it, or put it back in their name and wait and see what happens with your economic situation.

[Graphic]

Wouldn't that be considered a 'fraudulent transfer' if I did that though.. if they did that then tried to file then?

Or could we just get a company to 'finance' the car? Would there be paperwork along the line showing that I had the car paid off before? Not trying to be fraudulent but I think allowing someone a 1k exemption is total BS. Everyone knows the majority of 1k dollar cars are just going to give you a pain in the ass. I mean even if we sold the car, and financed a new car...if I 'gave' them the money back that I owed them would it be considered fraudulent as well? There has to be a way around it.

Ex: 8k equity. Sell car for a used car ..finance it (parents) .akjrtjra

Blah I don't know I think I'm going crazy. lol

My grandmother has been really sick lately, and I'm sure my parents could use the extra money. I wonder if I sold it, then got a different car financed if the trustee would look at it as non fraudulent. (Because they have bills up the wazoo for her) So if I told them the situation(trustees)..bleh I donno anything would do now

[sunshine08]

I think you have to wait a year. I would also think if you could proof that you didn't purchase the car and they did it would help.... SOrry I can't give you a more concrete answer...

[bkfiler]

i dont see why you cant sell the car to buy a different car and use hte money to pay for your bankruptcy and other bills.

also, if you dont own a home then maybe you are covered by a large exemption sometimes called wildcard exemption that will cover the vehicle. in some states its well over $15K of anything you want it to be.

[GoingDown]

Gemerally, a lien is put on real property such as a home etc. Usually the bank, finance company will put a lien on it, so that you can't sell it without paying it off first.

Your parents could put a lien on it, or put it back in their name and wait and see what happens with your economic situation.

I was curious about this, too.

So then, after they get the judgment, they can only put a lien on it, but they can't take the vehichle away from me? So, if I wanted to keep the vehicle for the next 10 or 15 years, I wouldn't have to do anything, right? That would be good news for me. I have a 2006 Chevy Silverado, and I was worried that after I pay it off, my creditors would come and take it away from me.

[sunshine08]

There are liens and judgements on alot of folks at the courthouse, but you ahve to have something tangible to take, in NC you have to prove some type ownership on the vehicle, as in a note using the vehicle as collateral, does this help any????

[Graphic]

i dont see why you cant sell the car to buy a different car and use hte money to pay for your bankruptcy and other bills.

also, if you dont own a home then maybe you are covered by a large exemption sometimes called wildcard exemption that will cover the vehicle. in some states its well over $15K of anything you want it to be.

Well I doubt my parents will just want to buy me a car thats financed and just use 8k to pay bills.... if I'm going to file bankruptcy anyways. See what I'm getting at? I mean yes, I could use part of it to pay for the bankruptcy.......but what would I do with the rest of the money..say 5-6k?

Also, I'm in Florida. Don't know how the wildcard exemption works here. I do know its 1k of your car exempted though.

[GoingDown]

There are liens and judgements on alot of folks at the courthouse, but you ahve to have something tangible to take, in NC you have to prove some type ownership on the vehicle, as in a note using the vehicle as collateral, does this help any????

Okay, let's say that I owe $11,000 to a credit card company. And they get a judgment against me for $11,000. Next, let's say I own a 2006 Chevy Silverado and it's all paid off, so I own the vehicle and it's title is in my name. Can the credit card company attach a lien to my Chevy and then come out to my house and take the vehicle away from me?

The credit card was not used in any way to buy the Chevy. And the Chevy was not used as collateral for the credit card debt.

So, my question is this-- once they get a judgment against me and once they put a lien on my Chevy, can they then come to my house and take it away from me?

I understand that once a lien is on the vehicle, I can't sell it without paying off the lien first, but what if I don't care about selling it at any time soon? My question is what can they do with that lien? Can they take the vehicle away from me?

[Graphic]

You said it a lot better than Iwould have. That's exactly what I want to know really. As long as they can't take my vehicle then I'm fine. That's the only asset I have. Once I finish school then I'll worry about my bills.. till then they can do all the judgments they want because they won't get anything in that case.

[bkfiler]

yes, a party with a judgement against you can file a lien against your property. this can include your car. they can then have your car siezed and sold by the sheriff. the proceeds would go first the pay them and return the rest to you afterwards.

how often a credit card company does this sort of thing or take this kind of path i dont know.

[Graphic]

Ok, well that clears that up. So if my parents transfer the title back in their name and I just don't file or do anything with it then there is a good chance they won't come after it right? Since it's in parents name. (even though its technically my parents car)

[bkfiler]

well, anything can happen but assuming you are not in a bk then that transfer can take place without any problems that i see.

its not different then you selling it right now or 10 years from now.

if you are in a bk then its a different story.

[Graphic]

True, good point. It just makes me upset that the only 'asset' I have now is the vehicle..which I didn't pay for. I guess I'll call a few more lawyers tomorrow and ask them again. I think last time I didn't mention the fact that my parents paid for the vehicle, can show proof etc. I don't know if the trustee will care or not .. he/she might say tough luck. I'd just rather file now and get it out of the way than later. I mean that is the ONLY thing I have lol.

[bkfiler]

wel lif you are in a bk or going to file a bk then the trustee will know about this from your petition.

you might want to see about selling it to them so that they have a lien on it and use the money to pay for things ahead of time.

see what the attorney says.